RIYADH: China should be at the center of global collaboration efforts to boost sustainable economic growth in the chemicals industry, the head of Saudi Basic Industries Corp. has insisted.
Speaking during the Boao Forum for Asia Conference, SABIC CEO Abdulrahman Al-Fageeh said the economic powerhouse was perfectly placed to help foster closer working between countries and companies in the sector.
He called on the international community to strengthen cross-regional and cross-sector collaboration to deliver growth that fit in with the global push for environmentally-friendly policies..
Following Chinese Premier Li Qiang’s keynote speech at the event’s opening plenary, Al-Fageeh spoke as a representative of the international business community and said: “For sustainable economic growth to flourish globally, close international collaboration will be required – not only between companies but also between countries linked by value chains.
“Being the world’s largest market for chemical products, China is the obvious place to establish a nexus of global sustainable economic growth.
“As SABIC expands its local presence, it will focus on investing in the development of technology.
“Innovation-driven economic growth can spread widely under the strategic alignment between Saudi Arabia’s Vision 2030 and China’s Belt and Road Initiative.”
In addition to his comments at the opening ceremony, Al-Fageeh also participated in a panel discussion on ‘Carbon Neutrality: Dilemma and Way Out’ with representatives from financial institutions, businesses, and government organizations.
During the discussion, the CEO underlined the importance of collaboration across the value chain in the quest for global carbon neutrality.
He also noted that companies should be focusing on the long-term economic value of their carbon-reduction-related projects to ensure that they are sustainable.
SABIC’s used its exhibition booth at the Forum to showcase its solutions to accelerate the circular carbon economy, increase energy efficiency, and help customers mitigate their environmental footprint.
Relations between China and Saudi Arabia have been growing in recent years, and in December 2022 President Xi Jinping made a three-day state visit to the Kingdom.
Xi and his delegation held talks with Saudi Arabia’s King Salman, Crown Prince Mohammed bin Salman, and the heads of key ministries, resulting in 35 memorandums of understanding and deals worth $30 billion.